The Energy Pragmatist: Neda Jafar on Investing Through Energy Volatility
Six months ago, when this conversation was recorded, the energy landscape looked very different.
Oil prices were trading at different levels, geopolitical tensions had yet to escalate in the way they have today, and AI-driven power demand and the growing strategic importance of natural gas had not yet moved to the centre of the investment conversation.
Yet that is precisely why we wanted to release this discussion now.
In this episode of The Energy Pragmatist, Ben West speaks with Neda Jafar, Partner at Kimmeridge, about the principles that underpin successful investing through periods of uncertainty. While market narratives and commodity prices may shift, the framework Neda outlines remains remarkably durable.
Rather than attempting to predict the next move in oil or gas prices, Neda argues that resilient investing is built on disciplined underwriting, asset quality, balance sheet strength, technical expertise, and a deep understanding of where an asset sits on the cost curve.
Throughout the conversation, Ben and Neda discuss:
• Why asset quality and cost of entry matter more than short-term commodity price forecasts
• The importance of stress testing downside scenarios and ensuring businesses can withstand periods of volatility
• Why being at the front end of the cost curve is one of the few reliable protections in a cyclical sector
• How capital discipline, conservative leverage, and strong balance sheets create resilience through market cycles
• The role of technical expertise in distinguishing genuine value opportunities from value traps
• Why investors should focus on underlying asset value rather than market consensus or headline multiples
• How natural gas has evolved from a controversial fuel source into a critical component of global energy security, AI infrastructure, and power reliability
• The long-term implications of data centre growth, LNG exports, and the emergence of a more globally connected gas market
Perhaps most importantly, Neda explains how investors can position themselves not only to withstand volatility, but to use it to their advantage.
Whether oil is $50, $80, or $100 per barrel, the principles remain the same: own high-quality assets, partner with technically capable operators, maintain balance sheet discipline, and never lose sight of downside protection.
For generalist investors seeking to better understand how experienced energy investors navigate uncertainty, this conversation offers a valuable blueprint that is just as relevant today as it was when we first recorded it.
As Neda puts it,
"Volatility is the only certainty. So you have to get comfortable with how do you actually manage through it and take advantage of it."
Watch the full episode to hear how experienced energy investors think through uncertainty, identify resilient opportunities, and build frameworks designed to perform across market cycles.
Neda will be joining us at this year's New York Energy Investment Series at Nasdaq on 24 June, where she will speak on the panel "Competition for Capital: How are LPs, Family Offices and Other Allocators Currently Benchmarking Energy Relative to Other Sectors?"
If you are interested in joining the conversation, please get in touch:
Ben West: ben.west@pragma-energy.com
Amy Miller: amy.miller@pragma-energy.com
